The Federation of Small and Medium sized Enterprises (FSME) has partnered with Opportunity Bank to support over 2000 MSMEs.
While launching the partnership, the Executive Director FSME John Walugembe notes that the support will be given through an Accelerator program where MSMEs will be empowered with business skills, mentorship to boost their entrepreneurship awareness, business growth and sustainability
The beneficiaries will be selected from several namely Mukono,Jinja ,Iganga,Kampala,Soroti ,Lira,Mubende and Hoima .
“They will benefit through accessing diverse business development service options such as ,business training, mentoring, coaching ,market linkages and networking adding that some will be provided with tailored financial products by Opportunity Bank Uganda”, Walugembe says.
Amos Boona, the Chief Relationship Officer of Opportunity Bank, says that the Accelerator Program exemplifies the Bank’s commitment to empowering MSMEs as viable and sustainable engines for job creation and self-employment in Uganda.
“We noticed about four challenges that these MSMEs face. One, access to affordable credit is one of the biggest challenges. Two, lack of technical and management skills. Three, information asymmetry; four, competition. We feel it wise and strategic to partner with the FSMSE to bring out cutting-edge technical support to the SMEs in Uganda,” he notes.
“We want to create employment, improve employment, and grow the businesses of the SMEs. This is the first step we are taking towards the transformation of Ugandans and growing household income,” he explains.
